Progress Software, a provider of AI-powered digital experience and infrastructure software, entered into a fifth amended and restated credit agreement, which, among other things, increased the company’s revolving credit facility from $900 million to $1.5 billion and extended the maturity date to July 31, 2030. The amended credit agreement replaces the company’s existing secured credit facility and, as of the closing date, there remains $660 million in revolving credit loans outstanding.
“This new credit facility provides scale and flexibility, both of which are important to support Progress’ continued growth,” Anthony Folger, chief financial officer of Progress, said. “With our increased liquidity, Progress is exceptionally well positioned to deliver on our total growth strategy through additional accretive acquisitions.”
JPMorgan Chase Bank acted as administrative agent; Citibank and Wells Fargo Bank as syndication agents; Bank of America, PNC Bank, TD Bank, Citizens Bank and First-Citizens Bank as documentation agents; JPMorgan Chase Bank, Citibank and Wells Fargo Securities acted as joint bookrunners and joint lead arrangers; and BofA Securities, PNC Bank and TD Bank acted as joint lead arrangers.
